COVID-19: Some States are likely to shut down, once again. Is your business prepared to go through another slow-down?
Last week, the White House health advisor. Dr. Anthony Fauci, said that the States that are experiencing rapidly expanding coronavirus outbreaks. Should consider shutting down again – taking back the country to memories set in March when such a decision was made.
As all this takes place, as usual, the fear is on small businesses. That face closure on the back of weak financial muscle.
The first on the firing line are bars and restaurants that employ many temporary employees. Sates like Colorado, Michigan, Florida, Texas, among others, have ordered, either bars or restaurants, to either close shop or stop sit-in services.
In light of these, two questions arise;
- How can you best prepare your business, financially?
- And how do you prepare your employees to go through this?
Well, the first response is to make sure that your business does have a financial risk or disaster recovery framework. If you cannot prepare such, you can hire professionals for this job, and it does not cost as much as the cost will be to your business without one. This framework can be suited for any business as it works with your specific business’ revenue and costs.
Secondly, avoid further losses by making sure that, if you applied for the Paycheck Protection Program Loan, all your applications for the loan’s forgiveness are in place. You can read more about this here.
For your employees, invest in their mental strength by recommending group counseling. Because some of them won’t cope with not coming to work. And, perhaps, earning a fraction of their salaries. Best employers invest in the well-being of their employees; you must be one of them in this case.
More so, consult with them if you can create a rotational schedule for skeleton staff that will be covering the office. It will keep them with something to look forward to during this disaster. Lastly, make sure to check if they all applied for government grants related to COVID-19.
In cases where you need help, always get in touch with us because we have been helping hundreds of small businesses go past several hurdles. We are always ready to help.